Data-handling, business systems and games

ABSTRACT

A fund is set up for a specified maximum of subscribers, who undertake to subscribe a specified amount, each of them by the same specified number of dates, the same amount for each subscriber and each date, the chains of dates possibly only partially overlapping so that the fund can continue to accept new subscribers from time to time. After each subscription date, the amount of the fund is put up for sale by bidding among the subscribers. Each bid comprises the amount that the subscriber is willing to forego in order to obtain the fund amount. The highest bid wins. The amount foregone is split equally between all the subscribers. The promoter takes a specified percentage to cover its commission and expenses. Each subscriber is allowed to win only a limited number of times, e.g. once. The process can be operated by data-handling means ( 10 ), as an investment and borrowing business method, or as a game. The means ( 10 ); check in respect of a said subscriber that guarantees have been made of subscribing for said number of subscription occasions; limit the number of successful bids that can be made by any subscriber in a fund; run a plurality of funds, that differ, for respective sets of subscribers; display historical and other data for a plurality of available funds to an intending subscriber to choose between them; offer a new subscriber a no-win-no-join choice; operate via Internet or bank cash dispenser network; and access subscriber bank accounts directly. Subscriptions can be paid or guaranteed by an employer. The invention includes programming method and means.

FIELD OF THE INVENTION

This invention relates to data-handling, business systems and games.

BACKGROUND

There is a game that is well-known; and has for many years been (andstill is) widely played in south-east Asia. This is exemplified by the“chit funds” of Singapore, which are closely regulated by the SingaporeChit Funds Act (last revised in 1985). Of the many compulsory terms andconditions for operating these funds, the majority are prescribed inSection 24 of that Act.

A company, called for this purpose a chit fund company, sets up a fundfor a specified number of subscribers, who undertake to subscribe aspecified amount (the same for each subscriber on a specified number ofdates (the same amount on each date), e.g. monthly. The fund thenterminates. The specified number of dates is the same as the specifiednumber of subscribers. After each subscription date, the amount of thefund is put up for sale by bidding among the subscribers by auction orsealed bids. Each bid comprises the amount that the subscriber iswilling to forego in order to obtain the fund amount. The highest bidwins. The amount foregone is split equally between all the subscribers.Each subscriber is allowed to win not more than once. The chit fundcompany takes a specified sum or percentage to cover its commission andworking expenses.

Such a chit fund is set up and run rather like a statutory company. Eachsubscriber has to be provided with a passbook into which the chit fundcompany must enter each amount received from the subscriber, Auctionsare conducted at meetings requiring personal attendance of thesubscribers. Sealed bids are tendered by post or in person. If two ormore sealed bids tie to win, there must be an auction to decide betweenthem. Before a subscriber can receive the fund amount on a winning bid,he must provide guarantors to ensure that he will continue to subscribeuntil the termination of the fund, and has two weeks to do so.Regulations also cover defaults.

This game is believed to have started, possibly thousands of years ago,as a barter system for grain, possibly employed when some members of avillage did not have enough grain and had to borrow from theirneighbours.

THE INVENTION

The present inventors considered that the existing game is primitive;and, in spite of its long and widespread use throughout south-east Asia,it could be considerably improved in various ways. They realised thatthe existing game has disadvantages: it is cumbersome, inconvenient,only able to draw on geographically nearby subscribers, of limitedscope, lacking in flexibility, of decreasing competitiveness towards theend of the life of the fund, and difficult for regulation, e.g. by thechit fund company or official authorities, whether for taxation,prevention of abuse, or otherwise. They carried out mathematicalanalyses to determine some of these disadvantages, and to determinebetter and more interesting ways to play the game. They further realisedthat, if the game were to be made more flexible and/or more interesting,it would become too complex to be handled by human auctioneers. Theyrealised that it could be desirable to run a game like this by usingdata-handling means. They therefore analysed the game to devisedata-handling means that could be used for playing the existing game andalso for playing improved versions of the game, and could be used toapply the game to other purposes, e.g. as a business system. Once theplaying of the game is transformed to utilise data-handling means, it isalso easy to keep records and make audits, to detect, control and/orprevent manipulation or other abuse, whether by the subscribers or thecompany, and for official authorities readily to inspect for thesepurposes and for compliance with tax laws and other regulations.

The game can be applied as a banking system in which there are borrowersand lenders, the “interest” paid by borrowers being paid out to thelenders apart from a small service charge retained by the companyrunning the system. By adoption of suitable rules, the maximum interestpaid can be kept lower than the amount or rates usually charged bycredit card companies and some banks, say a maximum of 20% per annum, inorder to be attractive to borrowers, yet providing substantial rewardsfor at least some of the lenders so as to be attractive also to lenders.The present inventors perceive that such a system, to be runeffectively, requires to be handled by data-handling means.

The system can also be applied for use within a closed circle ofsubscribers, e.g. within a company or an office, wherein the guaranteedregular payments are made by the employer, either as a deduction fromsalary or as a reward for efficient working.

One aspect of the invention consists In data-handling means that providea facility for bidding and a limit condition concerning the number ofbids that can be made by an identified subscriber.

Another aspect of the invention consists in data-handling means, adaptedto provide an electronic site with secure entry, a facility for bidding,and a limit condition concerning the number bids that can be made by anidentified subscriber.

A “site” may be a website but can, for example, be any real or virtuallocation where information will be available or transactions will occuror where there is the appearance of this. The data-handling means may bedistributed but there may appear to users to be a single site.

“Secure entry” means that only those subscribers (which term includespotential subscribers) who are pre-authorised will be admitted (i.e.allowed access) to the site. The site may, for example, be part of alarger site, or associated with another site, which will effect and/orcontrol pre-authorisation, e.g. subject to predetermined conditionsand/or investigations, e.g. as to creditworthiness or guarantees. Forexample, secure entry may be such as to allow only pre-authorisedsubscribers to access the side or access part of it, where accessing thesite may mean allowing access beyond a portal or gateway (that may beexternal to the site or may be an Initial access part of the site) thatchecks for pre-authorisation, and secure entry may refer to preventionof access to the site except for pre-authorised visitors.

In the closed circle example, the secure entry feature may be obtainedsimply by ensuring that the data-handling means are not connected to apublic network such as the Internet but are only accessible to thosewithin the closed circle, for example, employees within the company. Insuch case, the secure entry may not be a feature of the data-handlingmeans, though it may be a feature of the method of use of thedata-handling means.

The bidding may be by open auction, in which case all bids that havebeen made (or at least all bids that have been made on any particularbidding occasion) are accessible to every subscriber, or by sealedtender, in which case each bid is kept secret until the end of bidding,or may be In accordance with some other method.

The bidding limit condition may usually be specified more precisely,though In some cases there may be other forms of a limit condition onthe bidding.

Accordingly, another aspect of the invention consists in data-handlingmeans, comprising means to provide an electronic site with

(a) secure entry for subscribers to the site,

(b) a facility for bidding, and

(c) a facility to ensure that an identified subscriber who has madewinning bids a predetermined number of times cannot subsequently make asuccessful bid.

The term “to provide a site with” a feature can mean “to make availablea site having” that feature, or “to establish a site having” thatfeature, or “to equip an existing site with” that feature.

A “winning bid” is a bid upon which the chit fund company is prepared,subject to satisfactory guarantees, to pay out the winnings, e.g. thefund amount (less the amount foregone and the company's specified sum orpercentage). Once the chit fund company is ready to pay out on a winningbid, this may be called a “successful bid”. As a feature of thedata-handling means, this could for example refer to a feature toauthorise or effect payment on a winning bid.

It is assumed that: a subscriber who has won the bidding up to thepredetermined number of times has been successful for these bids; orthat, if he has failed to have a winning bid converted into a successfulbid, e.g. due to failing to provide required guarantees, he is no longerallowed to take part in the bidding.

Usually, facility (c) will be such as to ensure that further bids arenot accepted from an identified subscriber who has made a predeterminednumber of winning bids. A deprecated alternative would be to accepttemporarily such further bids, but then to reject any such further bidif eventually it is determined that it would be a winning bid; thus,such a winning bid would not be a successful bid. The word “eventually”has reference to a bid not being determined to have Won until after theclose of bidding on a bidding occasion.

Another aspect of the invention consists in data-handling means,comprising means to provide an electronic site with

(a) secure entry for subscribers to the site,

(b) a facility for bidding, and

(c) a facility to ensure that a subsequent successful bid for anidentified fungible object is not allowed for an identified subscriberwho has made a predetermined number of winning bids for that object.

“Fungible” usually has reference to anything which is available inquantity and of which one unit is precisely equivalent to another unitso that a buyer will not care which particular unit he obtains.

A “fungible object” is hereby defined for the purposes of the presentspecification as an object which, after being successfully bid for, canbe renewed (e.g. replaced with a like object, though possibly in adifferent quantity or value) and put up for bidding again. An example isan amount of money in a particular fund. In a more particular example,this is the total value of the fund on a bidding occasion (the periodduring which bidding is permitted, up to the close of bidding), in whichcase, after the amount (subject to any deductions, as explained below)has been awarded to the successful bidder, it can be renewed (to thesame or a different value) for a subsequent bidding occasion. It couldequally be stocks, shares, grain or any other commodity. For differentfunds within a scheme, there would correspondingly be different fungibleobjects, though usually not of different kinds.

It is possible for the fungible object to be a complex object, providedthat its nature has been agreed between the subscribers and the companyrunning the site. For example, each subscriber may contribute a work ofart on each subscribing occasion, all of the works of art (from allsubscribers, on all occasions) having substantially the samepredetermined value, the total pool of such objects on each occasionforming the fungible object.

The system can also be adapted for the fungible object (andsubscriptions) to increase in value on subsequent (possibly successive)bidding occasions. Because of the number of variables that would then beInvolved, the system could not be handled by human beings and would haveto be run by suitable data-handling means.

Preferably, said predetermined number is two or one. This can ensurethat one subscriber is not able to manipulate the bidding or perpetrateother abuse. To enable one and the same identified subscriber to maketwo winning bids for that fungible object, he would need to take out thesame number (two) of subscriptions. Likewise for any other number.

Usually, said data-handling means will comprise means to provide saidsite with a plurality of subdivisions, each adapted to allow bidding fora separate said fungible object. This will, for example, allow aplurality of the aforesaid funds, one to a subdivision. For clarity, itwill be assumed that a subdivision will terminate together with itsfungible object. However, it may be desirable for a site subdivision tobe utilised repeatedly, i.e. for successive fungible objects. Possiblereasons for this are: to minimise the need to set up new subdivisions,e.g. if this is complicated, expensive or a difficult; simply to allowsuitably pre-authorised subscribers for that subdivision to subscribe toa new fungible object without the need for further pre-authorisation; ifa subdivision is given a name, subscribers might prefer, or be tempted,to continue subscribing to the same name. Of course, such use of a namecan alternatively be achieved by data-handling means adapted to transfera name from a terminated subdivision to a new subdivision.

Preferably, said data-handling means will comprise means to provide asaid subdivision with secure entry, that is, to allow only thosesubscribers pre-authorised for that subdivision to access it. This will,for example, allow a subscriber access to only a limited number ofsubdivisions, e.g. corresponding in total to his creditworthiness.

To facilitate transformation of the game to use of data-handling means,and to speed up the game, said data-handling means compriseguarantee-checking means adapted to check, before a subscriber isallowed to bid, that he has creditworthiness or other guarantees for hiscontinuing to subscribe on all subsequent bidding occasions after he haswon, and consequently give him pre-authorisation to bid. This pre-bidguarantee check is an important difference from the Singapore game. Inthe closed circle example, the equivalent of this check may simply bethe closed circle. Preferably, the guarantee-checking means are adaptedto effect such a check (perhaps in addition to a bid-by-bid check) inorder to issue the pre-authorisation before the subscriber is firstallowed access to a subdivision. More preferably, the guarantee-checkingmeans are adapted to effect such a check in order to issue thepre-authorisation before the subscriber is allowed access to the sitefor the purpose of bidding. The term guarantee here means that, if thesubscriber fails to continue subscribing, the guarantors will subscribein his place. This guarantee-checking facility of course is not neededin the example given above wherein the employer guarantees subsequentpayments.

For use in playing relevant games, said data-handling means comprisemeans to check that a winning subscriber is adequately guaranteed(either by checking on that occasion, or by previously having checked,e.g. to issue pre-authorisation), and then to calculate any tax or otherprearranged deduction (e.g. the amount paid to the party running thegame), his winnings to be paid out to him, and the part of his winningbid to be paid out to each subscriber.

For use in playing the known (Singapore) game, said data-handling meanscomprise means to ensure that a subdivision is not first opened forbidding until it has a specified number of subscribers, and i is thenopen for bidding only for those subscribers and only for the samespecified number of bidding occasions. Usually, the bidding will followthe subscriptions, so that the latter means are adapted to ensure thatthe subdivision is not opened for receiving subscriptions until it hasthe specified number of subscribers, i.e. such subscribers haveindicated, agreed or undertaken that they will subscribe to such asubdivision, and been assigned to this one. After the specified numberof bidding occasions, the data-handling means will ensure that thesubdivision terminates, or at least that that fungible object terminatesby no longer being renewable.

For use In playing a variation devised by the inventors, saiddata-handling means comprise means adapted to ensure that a subdivisionis not first opened for bidding until it has a predetermined minimumnumber of subscribers (possibly one, but preferably two), and it is thenopen for bidding only for a specified maximum number of subscribers, andonly for the same specified number of successive bidding occasions foreach subscriber regardless of when he starts to subscribe to thesubdivision. This allows much more flexibility in the game, allowscompetitiveness to Increase as well as decrease, and allows a fungibleobject within a subdivision to continue to be renewed Indefinitely, orat least beyond said specified number of bidding occasions. Saiddata-handling means may be adapted to ensure that once a subscriber hascompleted subscribing for the specified number of successive biddingoccasions, his subscription expires; but, preferably, said data-handlingmeans are adapted to allow him to open another subscription for the samefungible object. As mentioned above, said data-handling means may beadapted to allow him to have a maximum of, preferably, two subscriptionsrunning at the same time for the same fungible object, not necessarilystarted at same time.

Data-handling means embodying the invention may comprise any one or moreof the following:

-   -   means to provide for said predetermined number to be two.    -   means to provide for said predetermined number to be one.    -   means to provide an electronic she with a facility to check that        a subscriber to the site has provided guarantees of making        subscriptions in respect of a predetermined number of        subscription occasions.    -   means to provide an electronic site with a facility to check        that a subscriber to the site has provided guarantees of making        subscriptions in respect of a predetermined number of        subscription occasions before allowing the subscriber to bid.    -   means to provide said site with a plurality of subdivisions,        each adapted to allow bidding for a separate identified fungible        object.    -   means adapted for a said fungible object to be a monetary fund.    -   means to terminate a subdivision together with is fungible        object.    -   means to provide a said subdivision with secure entry, that is,        to allow only those subscribers pre-authorised for that        subdivision to access it.    -   comprising means to provide a facility to allow a subscriber        access to only a predetermined limited number of subdivisions.    -   comprising guarantee-checking means adapted to check, before a        subscriber is allowed to bid, that he has creditworthiness or        other guarantees for his continuing to subscribe on all        subsequent bidding occasions of a predetermined number after he        has won, and consequently give him pre-authorisation to bid.    -   the guarantee-checking means are adapted to effect such a check        so as to issue the pre-authorisation before the subscriber is        first allowed access to a subdivision.    -   the guarantee-checking means are adapted to effect such a check        so as to issue the pre-authorisation before the subscriber is        allowed access to the site for the purpose of bidding.    -   means to check that a winning subscriber is adequately        guaranteed, and then to calculate any tax or other pre-arranged        deduction, his winnings to be paid out to him, and the part or        parts of his winning bid to be paid out to each subscriber.    -   means to effect such payments.    -   means to ensure that a subdivision is not first opened for        bidding until it has a specified number of subscribers, and it        is then open for bidding only for those subscribers and only for        the same specified number of bidding occasions.    -   means adapted to ensure that the subdivision is not opened for        receiving subscriptions until it has the specified number of        subscribers.    -   means to ensure that the subdivision terminates after a number        of subscription and bidding occasions equal to the specified        number of subscribers.    -   means to specify the maximum number of bidding occasions for        each subscriber to the subdivision and to ensure that the        subdivision is allowed to continue for more than this number of        bidding occasions.    -   means to ensure that a subdivision is not first opened for        bidding until it has a predetermined minimum number of        subscribers, and it is then open for bidding only for a        specified maximum number of subscribers, and only for the same        number of successive bidding occasions for each subscriber        regardless of when he starts to subscribe to the subdivision.    -   means to ensure that once a subscriber has completed subscribing        for the specified number of successive bidding occasions, his        subscription expires.    -   means to allow a subscriber, after his subscription expires, to        open another subscription for the same fungible object.    -   means to allow a subscriber to have a maximum of two        subscriptions running at the same time for the same fungible        object, not necessarily started at same time.    -   means adapted to enable a subscriber upon starting a        subscription to choose whether to bid on his first bidding        occasion.    -   means adapted to enable a subscriber upon starting a        subscription to withdraw his subscription if he fails to win on        his first bidding occasion.    -   the data-handling means are connected or adapted to be connected        to a funds transfer machine, which term includes an automatic        transfer machine (commonly known as ATM or a bank cash dispenser        machine), for such machine to be used by a subscriber as a        terminal for utilising the electronic site.    -   the data-handling means are connected or adapted to be connected        to, or adapted to interrogate, a financial account of a        subscriber held on data-handling means, to obtain from the        latter in relation to such account a guarantee of making        subscriptions in respect of a predetermined number of        subscription occasions.    -   the data-handling means are adapted to render a direct debit to        said financial account In respect of a subscription occasion for        the electronic site.    -   the data-handling means are adapted, in conjunction with the        data-handling means of the financial account, to obtain a        guaranteed payment in respect of a subscription occasion.    -   display means adapted to provide a display of those subdivisions        for which a subscriber can be pre-authorised.    -   display means adapted to provide for an identified subscriber a        display of those subdivisions for which he is pre-authorised.    -   display means adapted to provide for an identified subscriber        pre-authorised for a subdivision a display of current bids for        that subdivision.    -   display means adapted to provide for an identified subscriber        pre-authorised for a subdivision a display of current and        previous bids for that subdivision.    -   means to establish and/or register a credit limit for a said        subdivision, e.g. monthly or per bidding occasion.    -   means to establish and/or register a credit limit for a        subscriber.    -   means to effect and/or control pre-authorisation for a        subscriber for a said subdivision in dependence upon a credit        limit for the subscriber and credit limits for that subdivision        and for all other subdivisions for which the subscriber is        pre-authorised.    -   means to store previous bids for a subdivision and make these,        or some of them, or selected ones of them, or selected kinds of        them, available for access by a subscriber.    -   means to pre-authorise a subscriber for a subdivision.    -   means to offer a subscriber a choice whether to subscribe or not        upon a particular access.    -   monitor means adapted to provide information by printing,        displaying, storage or otherwise in a restricted access manner        due to location, coded access or otherwise, so that suitably        authorised communicatees, e.g. organisers of the facility, can        access the information but communicatees, e.g. subscribers,        unauthorised for this purpose can not.

Another aspect of the invention provides data-handling means adapted torun a bidding facility, characterised in that the data-handling meansare adapted to run a subscription and bidding facility for at least oneset of subscribers to the facility, and comprise means to limit thenumber of successful bids that can be made by an identified subscriberin the set.

Data-handling means embodying the invention may comprise any one or moreof the following:

-   -   means to limit the number of successful bids that can be made by        an identified subscriber in the set to two,    -   means to limit the number of successful bids that can be made by        an identified subscriber in the set to one.    -   means to specify a number for the set and to check in respect of        a said subscriber that guarantees have been made of subscribing        for that number of subscription occasions.    -   means to carry out the check before allowing the subscriber to        make a bid.    -   means to carry out the check before allowing the subscriber to        start subscribing.    -   means to ensure for a said subscriber that said number is the        maximum number of subscription occasions and bidding occasions        and check that subscription is made in respect of all of such        number of subscription occasions.    -   means to ensure that said number is the only number (apart from        default) of subscribers allowed In the set at any onetime and        the subscribing and bidding facility for the set cannot start to        run until that number of Intending subscribers has been reached.    -   means to ensure that said facility for said set terminates upon        completion of said number of subscribing and bidding occasions.    -   means to ensure that said number is the maximum number of        subscribers allowed in the set at any one time.    -   means to specify a starting number for a set and ensure that the        set has this number of intending subscribers before the        subscription and bidding facility can run for the set    -   means to allow the subscription and bidding facility to continue        to run for more than said maximum number of subscription and        bidding occasions.

Another aspect of the invention provides data-handling means adapted torun a bidding facility, characterised in that the data-handling meansare adapted to run a subscription and bidding facility for at least oneset of subscribers to the facility, and comprise:

means to facilitate a string of successive bidding occasions and ensurethat on each of them only one successful bid is allowed;

means to ensure that a subscription occasion precedes each biddingoccasion;

means to specify a number characteristic for the set, to specify this asthe number of successive bidding occasions constituting a chain of suchoccasions within said string, to associate an identified subscriber witha said chain, to check that in respect of such subscriber guaranteeshave been made of subscribing for that chain, and to ensure that thesubscriber's subscription expires at the end of said chain;

and means to limit the number of successful bids that can be made withinthat chain by that identified subscriber.

Data-handling means embodying the invention may comprise any one or moreof the following:

-   -   means to ensure that an identified subscriber can participate in        the facility for only one said chain in a said string.    -   means to ensure that an identified subscriber can participate in        the facility for not more than two of said chains in a said        string at a time.    -   means to ensure that an identified subscriber can participate In        the facility for only one said chain at a time in a said string.    -   means to ensure that a said string has only the length of one        said chain.    -   means to allow a said string to be longer than one said chain.    -   the data-handling means are adapted to provide an electronic        site with: secure entry, a facility for bidding, and a limit        condition concerning the number bids that can be made by an        identified subscriber.

General advantages of various systems embodying the invention are:

1) They enable a chain to start with one or more members, i.e. with lessthan the maximum designated for that chain

2) They will draw people from far away as well as people close by(whereas the old system was only able to draw people from nearby)

3) The subscribers can make informed decisions from Information on thedisplays and have enough time to review the other bids before biddingthemselves

4) They will let people leave the chain, i.e. allow flexibility

5) They can be more efficient and can be easily monitored to comply withchanges In law and other circumstances and can be adapted to suit locallaws

6) They are more efficient in providing the public with a possibility toborrow at less cost and save at a higher return than with other bankingsystems currently available

7) They cannot be manipulated by subscribers as the data-handling meansis programmed to control the events

8) They will not be as prejudicial as prior systems against bids beingcompetitive towards the end of a bidding chain, because the subscribershave the flexibility to leave the string and join at any time, sorenewed or sustained pressure is there to keep the bidding at a moderatelevel throughout the life cycle of a chain

9) The chain can be programmed to secure a win by making a predeterminedmaximum bid during any bidding occasion

10) The string will not have a predetermined life span

11) They are designed to hold the history and statistics of subscribersand strings, so the subscriber can access past information (May belinked to point 3)

12) They will limit a subscriber to having a maximum number ofsimultaneous subscriptions in a chain, say two, so the chain cannot bemanipulated by the subscribers

13) They can avoid or reduce the need to use human judgment

14) They can enable every bid to be timed precisely, and thus can handlein unambiguous timed order a large number of almost simultaneous bids.

Another aspect of the invention provides means for programmingdata-handling means, which programming means are adapted to programmethe data-handling means to be data-handling means as mentioned above.

Another aspect of the invention provides software adapted to providedata-handling means embodying the invention with any of the featuresmentioned above.

Another aspect of the invention provides any part of data-handling meansembodying the invention, which part is within the jurisdiction of thecourts.

Another aspect of the invention provides a method of setting up oroperating data-handling means to process information, or a method ofprocessing Information, in which method there is provided a facility forbidding and a limit condition concerning the number of bids that can bemade by an identified subscriber.

Another aspect of the invention provides a method of setting up oroperating data-handling means to process information, or a method ofprocessing information, in which method there is provided a facility forbidding, a limit condition concerning the number of bids that can bemade by an Identified subscriber, and a check of guarantees as to fundstransfer from the subscriber before the subscriber is allowed to make abid.

Another aspect of the invention provides a business system, whichcomprises data-handling means as mentioned above, adapted to receiveinvestment funds from a said subscriber and to pay out loan funds to asaid subscriber.

Another aspect of the invention provides a game, which comprisesdata-handling means as mentioned above, and rules (which may be builtinto the data-handling means) for players to play the game as saidsubscribers.

Another aspect of the Invention provides a game which comprises use ofdata-handling means as mentioned above, according to rules (which may bebuilt into the data-handling means) for players to play the game as saidsubscribers.

Such rules may include that one bidder may not have more than apredetermined number of successful bids. This may be at all or during apredetermined interval, or during an interval that is not predeterminedbut depends upon data or parameters that appear or change, e.g. as time,or the bidding, progresses. Such predetermined interval may be measuredin time, transactions, bidding occasions or otherwise; “at all” may forexample be the duration of the scheme (e.g. the string, or the totaloperation of the system).

Another aspect of the invention provides a method of conductingelectronic commerce involving the exchange of investments and borrowingsamongst a plurality of network registrants, the method comprising:accepting from a plurality of said network registrants offers ofinvestment; auctioning groups of one or more of the investment offersamong the network registrants; receiving from at least one of saidnetwork registrants a bid for a borrowing of a said group; ensuring thatnot more than a predetermined number of bids is successful from said oneregistrant.

Another aspect of the invention provides a machine-implementable methodof auctioning in which bids are received but a bidder is not allowed tohave more than a predetermined number of successful bids. This may beused in a business method or in a game.

The number of permitted successful bids may vary from one registrant toanother, e.g. depending upon creditworthiness.

Generally, a preferred feature is that a subscription period precedeseach bidding period.

Generally, a preferred feature is that a funds transfer guarantee checkprecedes permission to make a bid.

A further aspect of the invention provides a method for digitallyprocessing bids, which method ensures that a bidder does not have morethan a predetermined number of successful bids.

Yet a further aspect of the invention provides a system for digitallyprocessing bids, which system ensures that a bidder does not have morethan a predetermined number of successful bids.

Means embodying the invention may comprise means adapted for any one ormore of the following facilities, and a method embodying the inventionmay comprise any one or more of the following facilities:

-   -   to enable a subscriber upon starting a subscription (or joining        a subdivision) to choose whether to bid on his first bidding        occasion.    -   to enable a subscriber upon starting a subscription (or joining        a subdivision) to withdraw his subscription (preferably without        penalty) if he falls to win on his first bidding occasion.    -   to provide a display of those subdivisions for which a        subscriber can be pre-authorised.    -   to provide for an identified subscriber a display of those        subdivisions for which he is pre-authorised.    -   to provide for an identified subscriber pre-authorised for a        subdivision a display of current bids for that subdivision. The        term “current bids” has reference to bids made during the        currently open bidding period.    -   to provide for an identified subscriber pre-authorised for a        subdivision a display of current and previous bids for that        subdivision.    -   to establish and/or register a credit limit for a said        subdivision.    -   to establish and/or register a credit limit for a subscriber.    -   to effect and/or control pre-authorisation for a subscriber for        a said subdivision in dependence upon a credit limit for the        subscriber and credit limits for that subdivision, and for all        other subdivisions for which the subscriber is pre-authorised.    -   to store previous bids (or some of them, or selected ones of        them, or selected kinds of them) for a subdivision and make        these, or some of them, or selected ones of them, or selected        kinds of them, available for access by a subscriber, e.g. by        displaying them to the subscriber, e.g. upon request.    -   to pre-authorise a subscriber for a subdivision.    -   to offer a subscriber a choice whether to subscribe or not upon        a particular access.

DESCRIPTION RELATING TO THE DRAWINGS

Reference will now be made wide way of example to the accompanyingdrawings, which are schematic block diagrams of data-handling meansembodying the invention and flow charts of methods embodying theinvention, in which like references denote items having like functions.In the drawings:

FIGS. 1 to 6 are simplified schematic block diagrams of means embodyingthe invention;

FIG. 7 is a more detailed schematic diagram of means embodying theinvention;

FIG. 8 is a simplified schematic block diagram of a network embodyingthe invention;

FIG. 9 is a flowchart illustrating some possible procedures embodyingthe invention;

FIG. 10 is a flowchart illustrating some possible procedures embodyingthe invention when using the system illustrated in FIG. 7;

FIGS. 11 to 17 are flowcharts illustrating procedures embodying theinvention akin to the FIG. 10 embodiments and parts of such procedures;and

FIG. 18 is a detail of FIG. 7.

Referring to the drawings, the references in the following list are usedin relation to FIG. 7, and some of them correspondingly in relation toFIGS. 1 to 6 with some minor variations of details as will be explained:

10=Data-handling means

11=Means to provide a bidding facility

12=Interactive input means to receive applications made to be newbidding subscribers

13=Means to offer the possibility that an application can be made to bea temporary (conditional) subscriber

14=Means to identify subscribers and assign them a customer number,password, profile and so on

15=Means to Identify new subscribers, and old subscribers making a newapplication to join a string, profile them, register their details, andcontrol their access to strings

16=Means to check subscriber pre-authorisation and assign them a creditlimit

17=Register of permitted subscribers (pre-authorised subscribers whosesubscriptions are up-to-date; or whether they are temporary and forwhich bidding occasion); also noting: their credit limit; when theirsubscription expires (how many more bidding occasions); and the numberof winning bids they have made; and displaying this to them (e.g. uponrequest)

18=Means to identify an object to be auctioned and a string for thatobject

19=Means to define strings and control their operation

20=Means to set conditions for the string

21=Means to obtain guarantees and subscriptions, and to make payments

22=Means to initalise the string (if appropriate)

24=Means to register the current state of the string and display thisinformation upon request Including count of the bidding occasions

26=Means to display this information for this and other strings

28=Means to time and close each bidding period

30=Means to time each subscription period

32=Input means to receive bids and identify them with their subscribers

34=Means to check bids and accept only those from pre-authorisedsubscribers whose subscriptions are up-to-date or pre-authorisedtemporary bidders for this bidding occasion

36=Means to limit the number of successful bids of a subscriber

37=Means to set number level of permitted further successful bids forindividual subscribers

38=Accumulator means to compare permitted bids and note the winner sofar

39=Means to note if winner is temporary and to designate the winner asnow normal (non-temporary) and to delete other temporary biddersregistered for that bidding occasion

40=Means to note the winning bid, to notify temporary subscribers of newstatus as deleted or normal, and to update the current string staterecord after a winning bid has been determined

42=Means to calculate the payments for the winning and other subscribers

44=Means to make these payments to the subscribers

46=Means to make direct debits for subscriptions and to checksubscriptions have been duly made by direct debit or other method

48=Means to obtain guarantees

50=Funds transfer machines or other terminals, e.g. automatic transfermachines (commonly known as ATMs or a bank cash dispenser machines)

52=Data-handling means holding financial accounts of subscribers

54=Monitor means to gather information, and provide information in arestricted access manner

56=Privately located or accessible means to receive and displayinformation from means 54 to suitably authorised higher levelcommunicatees, e.g. organisers of the facility

In FIG. 7, a reference number in a circle indicates that the adjacentconnection goes to an item with that reference number. The arrowheadsindicate the direction of information flow.

Referring to FIG. 1, data-handling means 10 comprise means 11 to providea facility for bidding and means 36 to provide a limit conditionconcerning the number of bids that can be made by an identifiedsubscriber.. In this simple embodiment, input bids are received fromexternal input means 32 and the winning bid is notified to externalmeans 40.

The means 10 may be dedicated and structured to provide said facilityand limit condition. Alternatively, for example, means 10 may be moregeneral data-handling means configured by software so as to be adaptedto run said facility with said limit condition.

Referring to FIG. 2, data-handling means 10 are adapted to run a biddingfacility, and more particularly comprise means 11 adapted to run asubscription and bidding facility for at least one set of subscribers tothe facility, and comprise means 36 to limit the number of successfulbids that can be made by an identified subscriber in the set. Means 10may comprise a plurality of means 11 and 36, one for each set ofsubscribers, the various means 11 being Interconnected so that, forexample, they can have a common bank of information concerning asubscriber belonging to more than one of set sets.

As illustrated by way of example in FIG. 3, the data-handling means 10may comprise means 37 (as a stand-alone unit 37 or as a part of means11) to limit the number of successful bids that can be made by anidentified subscriber in the set to two. For this purpose, such means 37may set three levels, 2, 1, 0, to be associated with each subscriber toa particular set to indicate to means 11 how many successful bids may bemade by that subscriber. The level for a particular subscriber willchange down one after he has made a successful bid. As illustrated byway of example in FIG. 4, means 37 may limit the number of successfulbids that can be made by an identified subscriber in the set to one,e.g. by setting only two levels, 1, 0.

As illustrated by way of example in FIG. 5, means 10 may comprise means20 to specify a number for the set and means 14 to identify and profilea subscriber, and means 16 to check in respect of a said subscriber thatguarantees have been made of subscribing for that number of subscriptionoccasions. Means 16 are preferably arranged to carry out the checkbefore allowing the subscriber to make a bid, either before each bid orpreferably before allowing the subscriber to start subscribing (or atleast before allowing the subscriber to start subscribing for a chain ofsaid number of bids). Means 16 and 17 may ensure that, for a saidsubscriber, said number is the maximum number of subscription occasionsand bidding occasions and check that subscription has been made inrespect of all of such number of subscription occasions.

In connection with the Internet, bank cash dispenser networks andpossibly other arrangements, there is, or can effectively be, providedan electronic site at which visitors can view information interactively.Such a site may be dedicated exclusively to providing an embodiment ofthe invention or may be available for other purposes and include anembodiment of the invention. Data-handling means embodying the inventionmay therefore be adapted to provide an electronic ste with: secureentry, a facility for bidding, and a limit condition concerning thenumber bids that can be made by an identified subscriber, e.g.comprising means 16 for secure entry, means 11 for a bidding facility,and means 36 to limit the number of successful bids; as illustrated byway of example in FIG. 6.

Thus, means 16 can provide secure entry for subscribers to the site,that is, to allow only authorised subscribers to access the site oraccess a relevant part of it, means 11 can provide a facility forbidding, and means 36 can provide a facility to ensure that anidentified subscriber who has made winning bids a predetermined numberof times cannot subsequently make a successful bid. Access to the sitemay mean access beyond a portal or gateway (that may be external to thesite or may be an initial accessible part of the site) that authorisesor checks for authorisation (satisfying predetermined criteria) orpre-authorisation (recognising that the visitor has previously beenauthorised).

In one embodiment, means 17 ensure that said number is the only number(apart from default) of subscribers allowed in the set at any one timeand the subscribing and bidding facility for the set cannot start to rununtil that number of intending subscribers has been reached. In one formof this embodiment, means 17 and 20 ensure that said facility for saidset terminates upon completion of said number of subscribing and biddingoccasions; this manner of conducting bidding has a feature of theSingapore arrangement, in that it allows only one chain of bidding, andthis is simultaneous for all subscribers.

In another embodiment, means 17 and 20 ensure that said number is themaximum number of subscribers allowed in the set at any one time, andmay also specify a starting number for a set and ensure that the set hasthis number of intending subscribers before the subscription and biddingfacility can run for the set. In a variation of this embodiment, means17 and 20 may allow the subscription and bidding facility to continue torun for more than said maximum number of subscription and biddingoccasions.

A more detailed embodiment is shown in FIG. 7. The items illustratedhave the functions indicated in the above list.

Referring now to FIG. 7, data-handling means 10 comprise: means 11 toprovide a bidding facility; means 15 to identify new subscribers (andold subscribers making a new application to join a string, i.e. to starta first or another chain within a string), profile them, register theirdetails, and control their access to strings (this last function servingas one control on operation of bidding facility means 11); means 19 todefine strings and control their operation (this last function servingas another control on operation of bidding facility means 11); and means21 to obtain guarantees and subscriptions, and to make payments. Means15 serve mainly to process information from subscribers. Means 19 servemainly for initial and/or external setting of operating conditions. Bothof means 15 and 19 control operation of bidding facility means 11. Means21 with means 15,19 and 11 and external means 50, 52 for financepurposes.

From another aspect, data-handling means 10 comprise: (3 input andoperating means, namely, means 11 to provide a bidding facility, withmeans 18 and 20 to determine the conditions of operation of thefacility, means 12 and 13 to receive applications to be new bidders,means, 32 to receive bids; (ii) display means, namely, means 17 todisplay subscriber information, means 24 to display the current state ofone string of bidding occasions for which a subscriber is authorised,means 26 to display similar information for this and other strings;(iii) subscription means to obtain and check subscriptions andguarantees and make payments, namely, means 16 to check authorisation ofsubscribers, means 46 and 48 to obtain subscriptions and/or guarantees,means 44 to make payments; and (iv) monitor means, namely, means 54 tomonitor operation of the data-handling means 10.

Connections for information transfer (at least In the directions shownby the arrowheads) are as shown in FIG. 7, though there may be differentand/or further such connections between the various means as required bydifferent embodiments and/or methods of operation.

Means 12 are interactive input means connected or adapted to beconnected to receive applications to be new bidding subscribers, inputby way of terminals 50. Means 12 provide information and questions to anIntending subscriber, and 35 receive interactively from him informationand answers. Means 13, within means 12, offer a facility for anapplication to for a conditional new subscriber, who would only become asubscriber if his initial bid (made at the time of the application) is awinning bid. Means 12 and 13 also handle an application from an oldsubscriber to join a new string. Means 14 are connected to receive theinformation from means 12 and 13 and use this to identify the subscriberand assign him individual identification information and a profile,unless he is art old subscriber, identified by using a membership orother identity number and a password. Means 16 hold information aboutthe subscriber in a temporary holding area of means 16 and check thatthe identified subscriber has appropriate (see below) pre-authorisation,by interrogation of means 17 which holds this information for oldsubscribers (see below). If this fails, Including the case that theauthorisation is no longer appropriate, means 16 sends the subscriberinformation to means 48 which obtains guarantees of futuresubscriptions, or at least records when there are guarantees in place,e.g. as input to means 48 by the administrators of the system in respectof identified potential or old subscribers. The pre-authorisation iseffectively that a required number of subscriptions have been pre-paidor that guarantees of future subscriptions have been provided todata-handling means 10, and that these are appropriate to thesubscriber's choice of one or more strings at means 12 and 13, or thatan appropriate credit limit has been allowed to the subscriber. If thecheck at means 16 fails, possibly after interrogation of means 17 andinterrogation or use of mean 48, means 16 rejects the application.

Means 17 is a central register of permitted subscribers and is connectedto obtain information about them, initially (as new subscribers) frommeans 14 and 16, and afterwards (during their permitted string ofbidding occasions) from means 18 (identifying one or more stringsrelevant to a subscriber), means 20 (identifying conditions relevant toa subscriber for each such string relevant to that subscriber), means 34(to indicate bids made by that subscriber), and means 39 (concerning asubscriber if they have won). Means 17 is also connected to obtaininformation from means 24 concerning the current state of each stringand integrate this with the information concerning the subscribersrelevant to that string. Means 17 is also connected to supplyinformation concerning subscribers to means 32 to identify them whenthey make bids subsequent to their initial application, and to means 34to control whether a bid will be permitted. Subscriber register means 17is also connected to terminal means 50 to supply information concerninga subscriber, to himself, interactively upon request.

Means 18 are set up (initially, or from time to time, e.g. according tosome scheme, e.g. which may be pre-programmed into means 18) to identifyeach string, e.g. string number 151, and an object to be auctioned usingthat string, e.g. the nominal fund value of that string, e.g. £1200 ifthere are 12 subscribers and the subscription on each subscriptionoccasion (preceding a bidding occasion) is £100, and possibly a startdate for the string. Means 18 are connected to supply this informationto register means 17 and to strings display means 26. Means 20 areconnected to receive information from means 18 identifying each stringand to set conditions (by pre-programming, and/or by being conditionallyresponsive to incoming information, and/or by being set from time totime) for the string, (e.g. the number of successful bids that may bemade by a subscriber to a string, the number of subscription and biddingoccasions permitted to a subscriber to the string, the size of asubscription to the string, the maximum number of subscribers to thestring, the maximum and minimum possible bids, usually as percentagediscounts on the fund value, and the timing of subscription and biddingperiods) and to feed this information to central register means 17 to beintegrated with the subscriber information, to strings display means 26,to timing means 28 to time and close each bidding period and timingmeans 30 to time and close each subscription period, and to limit means36 to limit the number of successful bids of a subscriber for thestring.

Means 22 are connected to receive the string condition information frommeans 20 and further information from means 17 (e.g. how manysubscribers are currently in the string) and initialise (set initialconditions for) the string, e.g. for each new subscription period withinthe string, e.g. the number of places still available for newsubscribers to the string. Means 24 are connected to receive thisinformation and pass it (with other information) to central registermeans 17 both to integrate this with the subscriber information and tooperate the string, to display means 26 and, upon request, to terminalmeans 50.

Means 17, besides being subscriber information register means also, inaccordance with incoming information, control the admission ofsubscribers to a string and control the operation of the string. Forthis purpose, means 17 are connected to receive relevant informationfrom means 20 and 24 to operate the string, to use this information tocontrol which subscribers can subscribe to the string and under whatconditions, and to supply corresponding control information for thesepurposes to means 32 (to supply identification information to identifysubscribers making bids), 34 (to permit bids only from pre-authorisedsubscribers and only in accordance with the operating conditions for astring), 37 (to set the current level of the permitted number of winningbids for a particular subscriber to a string, taking into account howmany they are allowed and how many they have already made) and 39 (todeal with temporary subscribers upon a winning bid).

Bidding facility providing means 11 comprise: (I) input means 32connected or adapted to be connected to receive bids from terminal means50 and information from means 17 to identify bids with theirsubscribers; (II) means 34, 36 and 37 connected as and for the purposesdescribed above for these means, generally to control the operation ofthe bidding facility in accordance with input information; (III) means28 and 30 connected as and for the purposes indicated above for thesemeans, generally to time the successive subscription and biddingoccasions; and (I) means 38, 39 and 40 connected as and for the purposesdescribed above for these means, generally to compare the bids, selectthe winning bid and indicate this.

Means 42 are connected to receive, on each bidding occasion, stringfinancial condition information from means 20 and winning subscriberidentification and bid from means 40, and calculate payments to thewinning subscriber and other subscribers. Means 44 are connected toreceive this information from means 42 and connected to data-handlingmeans 52 holding subscriber accounts, e.g. bank accounts, to effect thecalculated payments to the subscribers relevant to that string on thatbidding occasion.

Means 46 are connected to means 30 to receive timing for eachsubscription period, are connected to subscriber account means 52 totake subscriptions by direct debit and to terminals 50 for subscriberswho wish to effect funds transfer themselves on each subscriptionoccasion, and are connected to means 34 to indicate that subscriptionshave been received. Means 48 form part of means 46 and are connected oradapted to be connected to subscriber account means 52 for somesubscribers in order to provide one method of obtaining guarantees ofsubscriptions, and possibly obtaining information upon which to basepermitted credit limits for a subscriber. Means 16 are connected toreceive this information from means 48 in order to check subscriberpre-authorisations and assign credit limits,

The system is provided with a facility to enable every bid to be timedprecisely, so that i can handle in unambiguous timed order a largenumber of substantially simultaneous bids. These may be timed as theinstant of clicking of the Submit button seen in Table 1 (or at leastwhen the bid then submitted reaches the central processing unit 10).Referring to FIG. 18, the system has a plurality of (simultaneous) inputchannels 59, FIG. 8, from terminals 50 to bid input means 32, FIG. 7.Means 32 comprise a clock 200 (which also provides clock pulses fortiming means 28, 30) timing say microsecond intervals for subscriberidentification means 202 in each of which intervals the bidding facilitycan accept only one bid it is assumed that, while the bids arrive lessfrequently than one per microsecond on average, they may actually arrivein bunches within a single 1/10 microsecond. The incoming bids in theform of coded signals on channels 59 reach timing means 204 which, underthe control of clock 200, adds to each signal data identifying itschannel 59 and the time the bid is received, say to 1/10th microsecond.These signals are then stored in buffer 206 in timed order, and possiblyin a predetermined or hierarchical channel order within each basic timeinterval of say 1/10th microsecond. Under the control of clock 200 theare then downloaded from the buffer at a rate of not more than one permicrosecond. Alternatively, the buffer may comprise for the downloadinga multiplex decoder which sweeps stores for the respective channels insaid channel order.

Some particular features of the FIG. 7 arrangement are now mentionedtogether with some variant embodiments. The data-handling means 10 areadapted to run a bidding facility, i.e. a subscription and biddingfacility for at least one set of subscribers to the facility, andcomprise means 11 to facilitate a string of successive bidding occasionsand ensure that on each of them only one successful bid is allowed;means 28, 30 to ensure that a subscription occasion precedes eachbidding occasion; means 20 to specify a number characteristic for theset, to specify this via means 28, 30 as the number of successivebidding occasions constituting a chain of such occasions within saidstring, means 18, 17 to associate an identified subscriber with a saidchain, means 16 to check that in respect of such subscriber guaranteeshave been made of subscribing for that chain, and means 17, 34 to ensurethat the subscriber's subscription expires at the end of said chain; andmeans 36, 37 to limit the number of successful bids that can be madewithin that chain by that identified subscriber.

Means 11 run the bidding facility. The party organising the biddingfacility uses means 18 for input of information defining the strings.New subscribers access the site interactively via means 12 or, iftemporary (i.e. their subscription will depend upon their success on afirst bid), via means 13. Existing subscribers access the site via means32for bidding. A subscriber can view, and possibly change, his profilevia means 17. Subscribers, or possibly any visitors, can viewinformation relating to this and other strings via means 26. Subscriberscan view information relating to this string alone via means 24, e.g.for deciding whether to make a bid and for how much. Means 40 notifiestemporary subscribers that their status has changed, either to beingmade a full subscriber or to having their subscription cancelled.

In one embodiment, means 17 ensure that an identified subscriber canparticipate in the facility for only one said chain in a said string;this manner of conducting bidding has a feature of the Singaporearrangement, in that it allows only one chain of bidding per subscriber,though the chains for different subscribers may overlap in time onlypartially, i.e. one continuing after another has finished.

In another embodiment, means 17 ensure that an identified subscriber canparticipate in the facility for not more than two of said chains in asaid string at a time. Alternatively, in yet another embodiment, means17 ensure that an identified subscriber can participate in the facilityfor only one said chain at a time in a said string.

In a further embodiment, means 17 ensure that a said string has only thelength of one said chain; this manner of conducting bidding has afeature of the Singapore arrangement, in that it allows only one chainof bidding, and this is simultaneous for all subscribers.

The alternative to the last-mentioned embodiment is for means 17 toallow a said string to be longer than one said chain, which feature maybe applied to any of the other embodiments.

FIG. 7 shows various connections to terminal means 50. These may all beconnectable via a single channel, e.g. to a single terminal 50 operatedby a subscriber or a potential subscriber who will see these variousconnections as options available to him at a single virtual electronicsite. Such terminals 50 may be, for example, PCs (person al computers)connected by a public telephone network 51 (see FIG. 8) to the site onthe Internet, or hole-in-he-wall ATMs. The whole embodiment may be afacility run by a bank, in which case the bank has a data-handlingsystem which comprises not only the bank's ATMs as the terminals 50 butalso the account-holding means 52 as well as providing data-handlingmeans 10.

In closed circle embodiments, of the kinds mentioned above, guaranteeand authorisation functions, and means such as 16, 46, 48, may not beneeded.

With reference to particular uses of the FIG. 7 arrangement,data-handling means 10 comprise means 16 to provide an electronic sitewith secure entry for subscribers to the site, means 11 to provide thesite with a facility for bidding, and means 36 to provide the site witha facility to ensure that a subsequent successful bid for an identifiedfungible object is not allowed for an identified subscriber who has madea predetermined number of winning bids for that object. Means 36 providefor said predetermined number to be two, or one. The means 16 canprovide the site with a facility to check that a subscriber to the sitehas provided guarantees of making subscriptions in respect of apredetermined number of subscription occasions, preferably beforeallowing the subscriber to bid.

Means 18 can provide said site with a plurality of subdivisions, eachadapted to allow bidding for a separate identified fungible object.Means 18 will then ensure that each of items 17 and 20 to 46 shown inFIG. 7 operate in a plurality of to each subdivision, e.g.simultaneously with respective different parts of each item, orsequentially with all the items in one mode for one subdivision, andthen in another mode for another subdivision, and so on. it is alsopossible to provide each mode with a serial number, and a form ofmultiplexing may then be used where the actions of respective items forone mode need not be simultaneous, being linked together only by theserial number, although the subscribers will not detect this. It is alsopossible for the actions of different items shown in FIG. 7 to becarried out by a single processing means suitably programmed, forexample carrying out mode number 1, function 12, then mode number 1,function 14, then mode number 1, function 16, then mode number 1,function 17, and so on to mode number i, function 46, then mode number2, function 12, then mode number 2, function 14, then mode number 2,function 16, and so on to mode number 2, function 46, and then modenumber 3, and then mode number 4, and so on for all subdivisions, wherethe function numbers correspond to the actions of the like-numbereditems in FIG. 7.

Means 18 may more particularly be adapted for a said fungible object tobe a monetary fund, e.g. by ensuring that the display from means 17 isin monetary terms and is related to the subscriptions.

Means 18 and 20 can control means 17 and 22 to terminate a subdivisiontogether with its fungible object.

Means 16, instead of providing general access to all subdivisions once asubscriber has been pre-authorised, may instead provide a saidsubdivision with secure entry, that is, to allow only those subscriberspre-authorised for that subdivision to access it.

Means 16 may, again, provide a facility to allow a subscriber access toonly a predetermined limited number of subdivisions, e.g. related to thecredit limit assigned to that subscriber.

Means 16 has been described as having a combined function of allowing asubscriber access and checking his creditworthiness. However, thesefunctions may be separated: one function may be to check certaincriteria and then allow generalised access; while another function maybe to ensure adequate creditworthiness before allowing bidding. Forexample, a subscriber eager to participate in a particular chain may bewilling to make subscription payments and not yet make bids, while hiscreditworthiness is being checked.

Means 16 may serve as guarantee-checking means 16 adapted to check,before a subscriber is allowed to bid, that he has creditworthiness orother guarantees for his continuing to subscribe on all subsequentbidding occasions of a predetermined number after he has won, andconsequently give him pre-authorisation to bid. More particularly, means16 may effect such a check (A) so as to issue the pre-authorisationbefore the subscriber is first allowed access to a subdivision, or (B)so as to issue the pre-authorisation before the subscriber is allowedaccess to the site for the purpose of bidding.

Means 42 may check that a winning subscriber is adequately guaranteed,and then calculate any tax or other pre-arranged deduction, his winningsto be paid out to him, and the part or parts of his winning bid to bepaid out to each subscriber. Means 44 effect these payments, e.g. byreverse direct-debiting each subscriber.

In some embodiments of the FIG. 7 arrangement, means 18, 20, 22, e.g. inconjunction with means 17, ensure that a subdivision is not first openedfor bidding until it has a specified number of subscribers, and it isthen open for bidding only for those subscribers and only for the samespecified number of bidding occasions.

Alternatively, though with similar effect, means 18, 20,22 are adaptedto ensure that the subdivision is not opened for receiving subscriptionsuntil it has the specified number of subscribers. Means 18 and 20 maythen ensure that the subdivision terminates after a number ofsubscription and bidding occasions equal to the specified number ofsubscribers; this manner of conducting bidding has a feature of theSingapore arrangement, in that it allows only one chain of bidding, andthis is simultaneous for all subscribers.

Again, means 18, 20, 22 may specify the maximum number of biddingoccasions for each subscriber to the subdivision and ensure that thesubdivision is allowed to continue for more than this number of biddingoccasions. This is different from the Singapore arrangement.

Again, means 18, 20, 22 may ensure that a subdivision is not firstopened for bidding until it has a predetermined minimum number ofsubscribers, and it is then open for bidding only for a specifiedmaximum number of subscribers, and only for the same number ofsuccessive bidding occasions for each subscriber regardless of when hestarts to subscribe to the subdivision.

In various forms of the FIG. 7 arrangement:

-   -   Means 17 and 34 may be arranged to ensure that once a subscriber        has completed subscribing for the specified number of successive        bidding occasions, his subscription expires.    -   Means 20 and 17 may be arranged to allow a subscriber, after his        subscription expires, to open another subscription for the same        fungible object.    -   Means 20 and 17 may be arranged to allow a subscriber to have a        maximum of two subscriptions running at the same time for the        same fungible object, not necessarily started at same time.    -   Means 13 are adapted to enable a subscriber upon starting a        subscription to choose whether to bid on his first bidding        occasion    -   Means 13 may alternatively be adapted to enable a subscriber        upon starting a subscription to withdraw his subscription if he        fails to win on his first bidding occasion.    -   Means 12, 13, 32, and possibly 44, 46, and display channels of        means 17, 26, 24, 40 are connected or adapted to be connected to        a funds transfer machine or other terminal 50, which term        includes an automatic transfer machine (commonly known as ATM or        a bank cash dispenser machine), for such machine to be used by a        subscriber as a terminal for utilising the electronic site.    -   Means 46 comprise means 48 connected or adapted to be connected        to, and/or adapted to interrogate, a financial account of a        subscriber held on data-handling means 52, which may comprise a        network of funds transfer machines 50, to obtain from the means        52 in relation to such account a guarantee of making        subscriptions in respect of a predetermined number of        subscription occasions.    -   Means 46 are adapted to render a direct debit to said financial        account in respect of a subscription occasion for the electronic        site.    -   Means 46 are adapted, in conjunction with the data-handling        means of the financial account, to obtain a guaranteed payment        in respect of a subscription occasion.    -   Means 12, 17, 26 comprise display means adapted to provide a        display of those subdivisions for which a subscriber can be        pre-authorised.    -   Means 17 comprise display means adapted to provide for an        identified subscriber a display of those subdivisions for which        he is pre-authorised.    -   Means 17 under the control of means 34 comprise display means        adapted to provide for an identified subscriber pre-authorised        for a subdivision a display of (details of) current bids (i.e.        bids of the current bidding period) for that subdivision.    -   Means 17 under the control means 34 may, for some purposes,        comprise display means adapted to provide for an identified        subscriber pre-authorised for a subdivision a display of        (details of) current and previous bids for that subdivision.    -   Means 18 and 20 serve to establish and/or register a credit        limit for a said subdivision.    -   Means 16 serve to establish and/or register a credit limit for a        subscriber.    -   Means 48, 16 and 17 serve to effect and/or control        pre-authorisation for a subscriber for a said subdivision in        dependence upon a credit limit for the subscriber and credit        limits for that subdivision and for all other subdivisions for        which the subscriber is pre-authorised.    -   More than one, or all, of the storage functions may be combined        in a single register 17, e.g. register means 17 may comprise        “current state” means 24.    -   Means 24 serve to store (details of) previous bids for a        subdivision, e.g. obtained from means 34 and/or 38, and make        these or some of them, or selected ones of them, or selected        kinds of them, available for access by a subscriber.    -   Means 48, 16 and 17 serve to pre-authorise a subscriber for a        subdivision.    -   Means 12,13 serve to offer a subscriber a choice whether to        subscribe or not upon a particular access.    -   Monitor means 54 are adapted (e.g. by being connected to receive        information from some or all of the other means 12 to 48) to        gather information, and provide information by printing,        displaying, storage or otherwise in a restricted access manner        due to location, coded access or otherwise, e.g. at privately        located means 56, so that suitable authorised higher level        communicatees, e.g. organisers of the facility, can access the        information but other communicatees, e.g. subscribers,        unauthorised for this purpose can not.

Where there already exists an electronic site with sufficientlycomprehensive data-handling means, suitable software can be formulatedby one skilled in the art, by reference to the foregoing embodiments ofthe invention, to provide the data-handling means with the features ofany of these embodiments.

Referring to FIG. 8, a network 51 embodying the invention comprisesterminal means 50, operating means 53, and transmission means 58 whichinterconnect means 50 and 53, Terminal means 50 may comprise any oftelephones (voice XML) 50/0, home/office computers 50/1, mobile phones50/2, palm top communication devices 50/3, bank cash points 50/4, futurecommunication devices which might include cookers 50/5, refrigerators50/6, microwave ovens or other devices 50/7, clocks 50/8, watches 50/9.Transmission means 58 may comprise an Internet network 58 utilising thepublic telephone system 58, or a bank cash dispenser network 58.Operating means 53 may comprise a firewall 60, a network operatingsystem 62 which sets up and/or maintains the operation of the network 50in general terms, a web server 64 which may comprise a secure server 64,an online tracking and monitoring system 66 which comprisesdata-handling means 10 that provide a bidding facility embodying theinvention, which means 10 may comprise, or be provided externallythereto within network 51 with, a back office financial andadministrative system 68.

Since, clearly, some embodiments of the invention will be in the natureof a network, or otherwise distributed over a wide area, as exemplifiedin FIG. 8, it may be the case that only part of a working suchembodiment is within the jurisdiction of the courts. For example,data-handling means 10 may be outside the jurisdiction, while workingterminals 50 of the embodiment (or some of them) are within thejurisdiction, or vice versa.

Examples will now be given of possible operations of the FIG. 7 system.

For example, FIG. 9 illustrates the steps of some possible procedures asviewed by the subscriber. Generally, steps generated by the system areindicated by a thick border as 224, while steps generated by the userare indicated by a thin border as 226. The subscriber makes a “login”step 201, the system responds with a “display user-related products”step 202. In step 203, the system invites the user to choose whether to“bid for products”. If the user's answer is “no” N, the user chooses instep 204 whether to “join new” string. If “yes” Y, the user can choosein step 205 whether to “borrow” B or “save” S. If to save, the system instep 206 offers the user a choice, “choose desired product”, and then instep 207 the user answers the question “agree to join?”. If “yes” Y, thesystem in step 208 tells the user “you are bound to the product”.

If at step 204 the user chose “no” N, the system at step 209 switchesthe user to “go to other services”. If at step 207 the user chose “no”N, the system at step 210 switches the user to “go to other services”.

If at step 205 the user chose to “borrow” B, the system in step 211offers the user a choice, “choose desired product”, and then in step 212the user answers the question “agree to join?”. If “yes” Y, the systemin step 213 tells the user “you are bound to the product”, and at step214 invites the user to “bid for the money”. In step 215, the user isasked “would you like to secure the bid?” (by bidding the maximumpossible under the conditions set up for the string). If the userselects “no” N, the system allows the user to “join and set your bid” instep 216. In step 217 the system tells the user whether he is“successful”. If “yes” Y, the system notifies the user in step 218 “youwill receive your money”. If “no” N, the system notifies the user instep 220 “you joined as an investor”, i.e. not as a borrower on thisoccasion.

If at step 212 the user chooses “no” N, the system at step 219 switchesthe user to “go to other services”.

If at step 215, the user chooses “yes” Y, the user at step 221 isinvited to 'set your bid to maximum”, and the system responds at step222 “your bid successful” and at step 223 “you will receive your money”.

If at step 203 the user chose “yes” Y, he is fast-tracked to step 214 tobid for the money.

FIGS. 10 to 17

In the various FIGS. 10 to 17, the same reference is used for the samestep, or a like or similar step, though it may be seen from slightlydifferent aspects, as explained below in each case. Sometimes theseaspects are differentiated by use of an oblique stroke and a suffix.

FIG. 10 is a flowchart showing examples of use of a system embodying theinvention as illustrated in FIG. 7. In steps 138 the administrator ofthe embodiment sets up the embodiment; in steps 139 a user registers; insteps 119 users bid for the product; in steps 137 the embodiment carriesout background functions after each bidding period has finished. Thefollowing references indicate the steps in more detail:

110=“administrator start”

111=“create new string”

112=“initialise the bidding facility”, assign initial bid per cent,number of vacancies available; “record current status of bidders” andtheir bids, e,g. number of bids left for each subscriber, and use thisinformation to re-initialise the bidding facility

113=“open” the system for joining and bidding

114=subscribers' “input”

115=“bids”

116=“limit the number of bids” of a subscriber

117=“limit bidding” depending on the previous winnings

118=“control bidding”

119=“provide bidding facility”

120=“determine which bid is successful”

121=“remove previous winner if temporary” from list of subscribers

122=“user comes initially to the site and intends to buy new string”

123=“user accesses” the site (or attempts to access it)

124=“verifying if user is registered” and, if not, passing him to aregistration page (not shown in this Figure, but in FIG. 11)

125=“agree terms and conditions”

126=“verify guarantees”

127=“verify credit limit”

128=“check whether vacancy available”

129=“accept subscription for a chosen product”

130=“reject subscription”

131=“schedule share payments” to all subscribers

132=“schedule winning payment”

133=“amend subscriber's properties”

134=“find completing subscribers” (i.e. those who have completed theirchain)

135=“Schedule paying out face value” for those who have not won theprize

136=“desubscribe completed subscribers”

137=“background actions” after bidding period finished

138=“initialising the system”

139=“joining subscribers to a string”

FIGS. 11 to 17 are flowcharts showing further details of uses of theFIG. 7 embodiment, and have reference to the FIG. 10 embodiment, Theword “company” here refers to the body administering the system.

Use Cases

This section describes a use-case-driven approach (i.e. cases ofprocedures as seen by the user) for specifying software requirements forcompany customers. Each sub-section describes a use-case and itsworkflow, specifying corresponding company function and its customerrequirement, starting with a summary of these and then continuing with adetailed “Procedure”. Each wording in quotes in the “Procedure” can beregarded as an abbreviated legend for the relevant box shown in theFigure. Title New Registration Workflow Description The process for apotential user to register as a customer In order to have access to thecustomer area of the company website. Business Requirements Everycustomer needs to register before being able to access the customer areaof the company website. Issues None Assumption Only one customerregistration per user. Actors All Users Related Use Cases NonePrecondition Actor not registered Post Condition Actor will be able tologin and access the customer secure area, if the company has verifiedand accepted the application.Note on “Assumption”:There may be reasons, e.g. psychological, to want more than one user perregistration, e.g. a husband and wife, e.g. so that both can play or usethe facility but there is only the one registration shared between them,and therefore only the one credit limit for both of them and the samelimited number of wins for both of them together, unless some otherrules are offered.

Procedure. The “user accesses” the Internet, 123, then the “companywebsite”, 140, then by clicking on the appropriate button “triggersaccess to the new customer registration area”, 141, and completes a“registration questionnaire page”, 142. Step 142 may require entry ofthe user's details, e.g. email identity, password, mother's maiden name,name, address, date of birth, employment details, residential details,and credit information. The credit information is information offered tothe system so that it can make a simple credit check or maybe a moresophisticated guarantee check. There may be a step 143 involving “postaltransmission” of information either way between the company and theuser. The system then “checks the registration data”, 144; for example,K may validate the user information, i.e. check that it is all beenentered correctly and in the right format. If at this point in theprocess there is failure F the process loops back to step 142. If thereis success S the system “displays a thank you message”, 145, “We havereceived your application”. Steps 141 to 145 constitute registration ofuser step 124. They may include between steps 141 and 142 a step 125 forthe user to “agree terms and conditions”.

The system then “verifies the application”, 126, e.g. verifiesinformation with the employer and/or carries out a credit check and/orcarries out a check against the electoral register. If step 126 fails,F, dt is followed by step 130 comprising: step 14 in which the systemwill “reject the user as a customer” and assign the reason forrejection, then step 148 in which the system will send out an “emailrejection notification”, “We are sorry to inform you that yourapplication was rejected for the following reason . . . Apply againafter six months.”; this then is the “end” E of the New Registrationprocedure. If on the other hand step 146 succeeds, S, the user is“accepted as the company's customer” and the system will assign a creditlimit and a monthly spending limit to the customer, 127, and will sendout an “email acceptance notification”, 129, “We are pleased to informyou that your application has been accepted and credit limit is £n000and your monthly spending limit is a £n00”, which is the “end” E of theNew Registration procedure. In the FIG. 10 embodiment the user, betweensteps 127 and 128, selects a string (if this has not already been done)and the system in step 128 checks whether a vacancy is available. If so,the user registered in steps 129 is able to take action 114 as asubscriber for a selected string. Title Customer Login WorkflowDescription The process for registered customers to gain access into thecustomer area of the company service portal. Business Requirements Toenable registered users to login to customer area of the company webservice portal to gain access subject to their customer credit limit andmonthly spending limit. Issues Need to know about session expiry timedue inactivity Assumption 1. The session will expire due to inactivityif the    actor does not perform any action for n minutes    (e.g. 5min). 2. The actor can choose to logout of the site    at any time.Actors Company registered users Related Use Cases Recover PasswordPrecondition Actor has to be registered Post Condition Actor isrecognised as a company customer and can access his/her accountinformation (e.g. for all products currently subscribed to) andestablish subscription rights to new products.

Procedure. Steps 123, 140, 141 are as for FIG. 11. Step 142 is, for thisprocedure, a requirement simply to input the password (and/or datafield/s required by the system, e.g. login or customer iD). Step 146 isthe validation of the customer by this password (or these other data).If there is failure F the customer is looped back to step 142 to try toinput the password (or other data) again. This is tried three times. Ifthere are more than three failures, the customer is switched to aRecover Password (RP) procedure described below in connection with FIG.13. If the validation 146 succeeds, S, the “customer's person alisedpage” appears, 150, and the now secure customer is allowedSecure-Customer Navigation (SCN) around the site, respective examples offurther actions being described below in connection with FIGS. 14, 15,16, 17. Title Recover Password Workflow Description Users have alreadyregistered with the company, but forgotten their password. They now havesimple and easy way to request a new password. Business RequirementsCustomer should be allowed easily to request a new password. Issues Thisnew password will have an expiry period. The user should change thispassword to his own within that period (e.g. 1 week) Assumption Thecustomer's mother's maiden name and Email ID are unique identifiers,sufficient to identify the customer for this procedure. Actors Companyregistered users Related Use Cases Customer Login Precondition Actor hasto be registered and active Post Condition 1. Actor has to login withthe new password    provided and change to his own within a    notifiedexpiry period. 2. Actor will be able to login to customer area.

Procedure. The customer has tried in steps 123, 140, 141 and 142 of theFIG. 12 procedure to login, and failed more than three times to inputthe correct password. He/she is invited in step 151 to click on a buttonto “trigger to customer Recover Password page”. Or, the customer maycome in fresh through steps 123, 140 to step 151. The customer is thenpassed to step 142 which, for this procedure, asks security questionsbut excluding the password. The information is validated as to formatand completeness in step 144. If there is failure F customer is loopedback to step 142. If there is success S the system passes to step 154 to“display message”: “Your new password will be sent to you by e-mail”,and to step 155 to provide an “email notification”: “Your new passwordis . . . You have to login with this password and change to yourpreferred one immediately/within . . . days”, if there is failure F atstep 146, the system displays 153 an Error Page and the message “Yourinformation is not valid”. In either case, this procedure comes to anend E. Title Bidding on existing product Workflow Description Theprocess for allowing the customer to bid on an existing product.Business Requirements To enable the customer to access the products forwhich he/she is currently subscribed and to bid subject to status.Issues Only bid on products which the customer has not won so farAssumption The customer is already logged into the customer area ActorsCompany-registered users who have bought one or more products. RelatedUse Cases Customer Login Precondition Actor has to be registered, andcurrently a subscriber to the product. Post Condition Actor may be askedto agree/confirm further terms and conditions to succeed in the bidding,e.g. to re-confirm or change the guarantee, bank details or payeedetails

Procedure. The customer has proceeded in accordance with FIG. 2 to theSCN point and in step 156 can, subject to his/her status, “choose theproduct” for which to bid, and click on a button to trigger to theBidding Page. This page is shown in step 157 to “display the latest bidstage” on the relevant product (the fund amount in the relevant string).The data may include for example: current bid %, current number ofmembers, current share amount total share amount so far for this bidder,months left to completion of the bidder's chain within the string. Thebidder may increase 158 his/her bid. The system will then require thebidder to “agree the terms” 159 applicable to this particular bid. Ifnot agreed NA, the bidder is returned to step 157 to reconsider whetherto make a bid 158. If agreed A, the system will verify 160 whether thebid % is the maximum. If the bid is the maximum possible bid, MB, forthis string (on this occasion), e.g. 20%, the system will “display themessage” 161: “You are the winner this month”. The system will then“remove the previously winning customer” (i.e. who made the previouslyhighest bid during this bidding occasion) 162 from bidding for thecurrent product if that customer had joined only conditionally (thathe/she should win) and will “e-mail that customer” 163, “Your bid of x%has been beaten by a new bid for the maximum of y%. You cannot bid againfor this product this month.” If at the verification step 160 the bid isless than the maximum possible bid, <MB, the system will “display themessage” 164, “Your bid accepted and winner so far, but you have to waituntil the end of the current bidding period to see whether yours is thewinning bid or not.” As in steps 162, 163, the system will then “removethe previously winning customer” (i.e. who made the previously highestbid during this bidding occasion) 165 from bidding for the currentproduct if that customer had joined only conditionally (that he/sheshould win) and will “e-mail that customer” 166, “Your bid of x% hasbeen beaten by a new bid of y%. You can bid again before the end of thecurrent bidding period.” In either case, after step 163 or 166, thisprocedure will end, E. Title Buying a new product Workflow DescriptionThe process for allowing the customer to join new product. BusinessRequirements To enable the customer the ability to join in new productssubject to credit limit and monthly spending limit. Issues NoneAssumption The customers already logged into the customer area ActorsCompany registered user who has enough credit limit and monthly spendinglimit to join new product. Related Use Cases Customer Login PreconditionActor has to be registered Post Condition Actor has to agree the termsand condition to join the new product.

Procedure. The customer has proceeded in accordance with FIG. 2 to theSCN point and in step 156/1 can, subject to his/her status, “choose theproduct” for which to bid, and click on a button to trigger to theJoining Page 157/1. Before the customer reaches page 157/1, there may beinterposed a step 168 in which the customer can “request the producttype” and at what face value he wants to join. The page shown in step157/1 will “display products” with the chosen face value, which thecustomer can then buy, i.e. In this step the system will find (anddisplay) the products which are within his credit limit and monthlylimit, and may also display a list of current members of the string, themaximum and minimum bid %, the current share amount, and so on, toenable the customer to find the right product. This is followed by steps169 to “choose the product”, 170 to “display the detailed productinformation”, 171 to “ask, Would you like to bid?”, and then as with theFIG. 14 procedure continue with steps 158 to allow the customer to“request to increase the bid”, 159 to require the customer to “agree theterms” applicable to this particular bid, 160 for the system to verifywhether the bid % is the maximum possible, upon a maximum possible bid(MB) 161 to “display the message”, “You are the winner this month”, 162to remove the previously winning customer from the product if joinedtemporarily conditionally as for FIG. 14, and 163 to e-mail thepreviously winning customer, “Your bid of x% has been beaten by a newbid for the maximum of y%. You cannot bid again for this product thismonth.” There may be inserted after step 161 a step 172 to “create thepayment schedule” for the customer declared winner in step 161. If atstep 160 the bid is less than the maximum (<MB) the procedure moves tostep 167 to ask, “Would you like to join if your bid falls?” if yes, Y,the system will “display the message” 164/1, “Your bid accepted andwinning now, but you have to wait until the end of the current biddingperiod to see whether yours is the winning bid or not. Thank you forbuying into the product.” If no, N, the system will “display themessage”164/2, “Your bid accepted and winning now, but you have to waituntil the end of the current bidding period to see whether yours is thewinning bid or not. If your bid fails you will not be linked in to theproduct.” From either step 164/1 or step 164/2 the procedure passes tostep 165 to “remove the customer previously winning customer” frombidding for the current product if that customer had joined onlycondition ally (that he/she should win) and the system will then “e-mallthat customer” 166, “Your bid of x% has been beaten by a new bid of y%/.You can bid again before the end of the current bidding period.” in anyof these cases, after step 163, 172 or 166, this procedure will end, E.Title Manage Customer Profile Workflow Description The process forallowing the customer to amend his/her profile. Business Requirements Toenable the customer the ability to amend his/her profile such as EmailID, Password, Address Changes, Employment Changes etc. Issues Customercannot change some information such as DOB (date of birth), Mother'sMaiden Name etc. Assumption The customer is already logged into thecustomer area Actors Company-registered users. Related Use CasesCustomer Login Precondition Actor has to be registered Post ConditionActor has to pass the security questions test in order to be allowed toamend the information.

Procedure. The customer has proceeded in accordance with FIG. 2 to theSCN point and in step 156/2 can click on a button to trigger to the MyProfile Page 174 where he requests 173 to be allowed to change hisprofile. Page 174 then displays his profile and the groups of data inwhich the user can make changes, e.g. change e-mail ID or password,change personal details, change employment details, and so on. The useris then invited 175 to “choose the appropriate group”. The system willthen “request security identification” 142/1, e.g. current e-mail ID,current password, Mother's maiden name, and so on. The system will then“validate the information” 144, i.e. check that all information has beenentered correctly and in the right format. If the validation fails, F,the user is looped back to step 142/1. If the validation is a success,S, the system will “verify customer security data” 146 to check that theinformation provided is valid. If this fails, F, the system will displayan Error Page 153 with the message “Your data are not valid”and theprocedure will end E. If the verification 146 is a success, S, the useris invited to “change the profile”176. The system will then “validatethe information” 144/1, i.e. check that all information has been enteredcorrectly and in the right format. If the validation fails, F, the useris looped back to step 176. If the validation is a success, S, thesystem will “display a message” 177, “Your profile amended with the newdata”. This procedure then ends E. Depending upon whether the display174 shows details of profile (instead of only names of groups), thesecurity routine 142, 144, 146, 153 may be inserted addition ally orinstead before display 174. Title Manage Customer Accounts and paymentsWorkflow Description The process for allowing the customer to amendhis/her account profile. Business Requirements To allow the customer tocreate (e.g. add to), amend or delete his credit account/s or any ofthem Issues Customer can amend but cannot delete a credit account of hisif it is linked to an ongoing subscription, except by creating another(acceptable) account first Assumption The customer is already loggedinto the customer area Actors Company-registered users. Related UseCases Customer Login Precondition Actor has to be registered PostCondition Actor has to pass the security questions test in order to beallowed to amend the information.

Procedure. The customer has proceeded in accordance with FIG. 2 to theSCN point and in step 156/3 can click on a button to trigger to the MyPayments and Accounts Page 178. The security routine 142, 144, 146, 153is inserted before display 178, though not shown in FIG. 17. Page 178will then “display his existing account and payment details”, includingdetails of payments to the system and from the system, and any productslinked to the accounts. At page 178 he requests 173/1 to be allowed tochange his payment and/or account details and is invited to choose 198between deleting 179 an account, adding 193 a new account, or changing185 payment details.

If the customer chooses to delete 179 an account he is invited to“choose the account to be deleted” 180. The system will then “verify ifany payments are scheduled with this account” 181. If no, N, the systemwill “delete the account” 182 and “display the message” 183 “Youraccount number . . . deleted successfully”. The procedure then ends, Eif the system at step 181 verifies yes, Y, there are payments scheduledwith this account, the system invites the user to “re-assign the paymentand then delete the account later” 184.

If the customer chooses to change 185 his payment details (or isrequired to do so, consequent upon step 184) (the only changes which hecan make will involve the use of more than one account) the system will“verify the number of accounts” 186 that he has and, provided thisis >1, he is invited to “select the account number” 187 and the systemwill then “display products linked to that account” 188. He is theninvited to “change to existing different account” 189 as appropriate,e.g. changing some products over to another account. There may at thispoint be inserted a separate step 199 (shown in dashed lines) in whichhe or the system will “amend the payment schedule accordingly”. Finally,the system will “display the message” 190 appropriately, e.g. “Yourdirect debit successfully changed”. The procedure then ends, E. If atstep 186 the system determines that he has only one account registeredwith the system the system will “display the message” 191, “You have toadd another account to do this” and will then invite him 192 to “chooseto add another account now”. If he chooses no, N, the procedure thenends, E if he chooses yes, Y, he is led to step 193.

If the customer chooses to add 193 a new account (whether at step 198 orat step 192) the system will “request account details” 194, e.g. accountholder name, sort code, account number, bank address, and so on. Thesystem will then “validate the information” 144, i.e. check that allinformation has been entered correctly and in the right form at. If thisvalidation fails, F, the user is looped back to step 194. If thevalidation is a success, S, the system will “verify the accountinformation” 195, asking the user to confirm that the details of thisinformation are correct, and carrying out an external check, e.g. byactually accessing the account to see whether it is a valid andacceptable bank account for the purposes of the bidding. If theverification is a success, S the system will “display the message” 196,“Account successfully added”. If the verification is a failure, F, thesystem will “display the message” 197, “Error: it is not a validaccount”. In either case, the procedure then ends, E.

In relation to the various flowcharts, it will be apparent to oneskilled in the art that a system adapted to provide the various steps ofany one of the flowchart embodiments may simply comprise means to carryout each of the steps illustrated for that embodiment, the various meansbeing interconnected in the manner indicated in the flowcharts.

It will be readily apparent to one skilled in the art, in view of theabove, how, in accordance with the invention, an existing website, e.g.an auction website, or data-handling means to provide the same, may beset up or operated to process information by a method which provides afacility for bidding and a limit condition concerning the number of bidsthat can be made by an identified subscriber, with or without a check ofguarantees as to funds transfer from the subscriber before thesubscriber is allowed to make a bid.

In these days of sophisticated development techniques, it is notnecessary to specify the details of a broadly expressed feature, sincethe feature need simply be given to a development engineer to providethe details. Alternatively, the feature can simply be taken “off theshelf”. For example, to provide an electronic site on the Internet, thiscan betaken “off the shelf”. Providing a site with secure access isconsidered straightforward development. Providing an electronic sitewith an auction market facility, is now a well-known technique. Toprovide such a facility with the further said facility (c) in any of theforms mentioned above could now readily be done by a person skilled inthe art, once apprised of the requirement.

The “guarantees” may, for example, be a line of creditworthiness or asecond mortgage on property owned by the subscriber.

It will also be apparent to one skilled in the art, from the foregoing,how means can readily be provided for programming existing data-handlingmeans, which programming means are adapted to programme thedata-handling means so that when thus programmed they are, e.g.thereafter, in accordance with any of the embodiments described.

Likewise, it will be apparent how software can readily be produced whichis adapted to provide data-handling means with any of the foregoingfeatures. For example, only when the software is in place are thedata-handling means so adapted.

Thus, it will be apparent how there can be provided a method of settingup or operating data-handling means to process information, or a methodof processing information, in which method there is provided a facilityfor bidding and a limit condition concerning the number of bids that canbe made by an identified subscriber.

More particularly, it will be apparent how to provide a method ofsetting up or operating data-handling means to process information, or amethod of processing information, in which method there is provided afacility for bidding, a limit condition concerning the number of bidsthat can be made by an identified subscriber, and a check of guaranteesas to funds transfer from the subscriber before the subscriber isallowed to make a bid.

It will be seen from the foregoing how there is provided a businesssystem, which comprises data-handling means adapted to receiveinvestment funds from a said subscriber and to pay out loan funds to asaid subscriber.

It will also be apparent how the invention can be operated to provide agame, which comprises any such data-handling means and rules (which maybe built into the data-handling means) for players to play the game assaid subscribers.

It will also be apparent how the invention can be operated to provide agame which comprises use of any such data-handling means, according torules (which may be built into the data-handling means) for players toplay the game as said subscribers.

It will be seen from the above that there has been provided a method ofconducting electronic commerce involving the exchange of investments andborrowings amongst a plurality of network registrants, the methodcomprising: accepting from a plurality of said network registrantsoffers of investment; auctioning groups of one or more of the investmentoffers among the network registrants; receiving from at least one ofsaid network registrants a bid for a borrowing of a said group; ensuringthat not more than a predetermined number of bids is successful fromsaid one registrant.

It will be seen from the foregoing that there has been provided amachine-implementable method of auctioning in which bids are receivedbut a bidder is not allowed to have more than a predetermined number ofsuccessful bids or during a predetermined interval. This may be used ina business method or in a game.

It will be seen that there has also been provided a method for digitallyprocessing bids, which method ensures that a bidder does not have morethan a predetermined number of successful bids.

It will be seen that there has also been provided a system for digitallyprocessing bids, which system ensures that a bidder does not have morethan a predetermined number of successful bids.

Theory of Operation

The following equations explain how the system operates for a stringwith a £1200 face value and £100 regular investment or repayment for a12 months subscription period from January 2003 to December 2003.Subscriber's profit=Total Share Profits−Total investment Payments+SingleMoney Borrowing−Total Administration Fees]

i.e.${{Total}\quad{Profit}} = \left\lbrack {{{\sum\limits_{{{month}\quad k} = {{Jan}\quad 2003}}^{{Dec}\quad 2003}{{Share}\quad{profit}_{k}}} - {\sum\limits_{{{month}\quad k} = {{Jan}\quad 2003}}^{{Dec}\quad 2003}{{Regular}\quad{investment}_{k}\quad\left( {e.g.\quad{\pounds 100}} \right)}} + {{Lump}\quad{Sum}_{k}} - \frac{{Lump}\quad{Sum}_{k} \times 5}{100}},{{where}\quad k\quad{is}\quad{one}\quad{of}\quad{Jan}\quad 2003\quad\ldots\quad{Dec}\quad 2003}} \right\rbrack$${where},{{for}\quad a\quad{month}\quad k},{{{Share}\quad{profit}_{k}} = {{Max}\left\{ {5,\frac{1200 \times d_{k}}{100 \times {No}\quad{of}\quad{Current}\quad{Member}_{k}}} \right\}}}$where  5 ≤ d_(k) ≤ 20  and  1 ≤ No  of  Current  Member_(k) ≤ 20${LumpSum}_{k} = {1200 - {\frac{1200 \times d_{k}}{100}\quad{where}\quad\left\{ \begin{matrix}{d_{k}\quad{is}\quad{the}\quad{bidding}\quad\%} \\{k \in {{Jan}\quad 2003\quad\ldots\quad{Dec}\quad 2003}}\end{matrix} \right.}}$

From the above we can show the following:

d_(k)≧5% guarantees that savers never lose any money and may gain a hugereturn;

loan borrowers earn money when Share Profit>Money Borrowing;

d_(k)≦20% guarantees that the worst case scenario is better than creditcard interest (>20%).

These features can be seen from the following illustration of Worst andBest cases for Saving and Borrowing.

Illustration

Assume that an investor joins a £200×12 thread, with face value £2400,and there is full membership on the thread throughout that investor'swhole subscription period. (There can be better or worse cases if thereis less than full membership.)

Saving—Worst Case

No bidding took place in the whole subscription period. The particularsubscriber did not participate in any bidding and was just saving hismoney in the subscription period. (He received the regulatory minimumshare amount.) PAYMENT RECEIPT Amount paid by the subscriber (£200 * 12)2400.00 Share amount received by subscriber in total 120.00 (£10 * 12)Final payout amount from the company 2400.00 Administration charge (5%of the payout) 120.00 £2400 * 5% Total 2520.00 2520.00 Differencebetween payment & receipt NIL Gain/(Loss)

At the end of his subscription period, the subscriber comes out asindifferent, he neither gained nor lost any money.

Saving—Best Case

The bidding took place at maximum level (i.e. 20%) throughout thesubscription period and the particular subscriber did not bid or drawany money. PAYMENT RECEIPT Amount paid by the subscriber (£200 * 12)2400.00 Share amount received by subscriber in total 480.00 (£40 * 12)Final payout amount from the company 2400.00 Administration charge (5%of the payout) 120.00 £2400 * 5% Total 2520.00 2880.00 Differencebetween payment & receipt 360.00 Gain/(Loss)

At the end of his subscription period, the subscriber gained £360.00 ontop of his savings.

Borrowing—Worst Case

The bidding to took place at the minimum (5%) throughout thesubscription period (for other subscriptions) and the particularsubscriber obtained his/her money at the maximum bidding amount (i.e. hebid and drew (borrowed) at 20%). PAYMENT RECEIPT Amount paid by thesubscriber (£200 * 12) 2400.00 Share amount received by subscriber intotal 150.00 (£10 * 11 + £40 * 1) - 11 bids at minimum and 1 at maximumPayout amount from the company 1920.00 Administration charge (5% of thepayout) 96.00 £1920 * 5% Total 2496.00 2070.00 Difference betweenpayment & receipt (426.00) Gain/(Loss)

At the end of his subscription period, the subscriber Lost £426.00 intotal, by borrowing at worst discounting.

Borrowing—Best Case

The bidding took place. at the maximum throughout the subscriptionperiod and the particular subscriber obtained his/her money at theminimum bidding amount PAYMENT RECEIPT Amount paid by the subscriber(£200 * 12) 2400.00 Share amount received by subscriber in total 450.00(£40 * 11 + £10 * 1) - 11 bids at maximum and 1 at minimum Payout amountfrom the company 2280.00 Administration charge (5% of the payout) 114.00£2280 * 5% Total 2514.00 2730.00 Difference between payment & receipt216.00 Gain/(Loss)

At the end of his subscription period, the subscriber gains £216.00 intotal, even though he borrows money, e.g. early in the period.

Terminal Appearance

Table 1 below shows typically what might appear to the user on a screenof a PC terminal connected into the system, e.g. after he has selected arange of products or product types. The Table shows that the productsavailable on the next 1st of the month are of types A, B, C, on the 10thA, D, and so on, and he has chosen to view products of type A.

The left-hand column and the first block (5 lines) of the right-handcolumn would appear initially. The next block down shows further datafor that type, the next block the layout of data, the next blocks thedata so laid out for Strings 12345, 12346 . . . 12360.

If the user then uses his mouse to make his cursor pointer hover over,for example, the data in the left-hand column for string 12345, the nextblock in the right hand column will appear, i.e. the Historical DataPicture for String 12345, which may be a histogram as shown thoughprobably much more detailed or may be an actual graphic picture. If hethen clicks his mouse pointer on the Buy Button for that String, thethird block Buy String in the right-hand column will appear, for String12345. The remainder of the right-hand column will then appearprogressively as he clicks on his chosen answer to each successivequestion. “Selection Box” will give the possible answers among which hemay make his selection, e.g. for “Account No” his accounts registeredwith the system, for “Bid %” the permitted bids, e.g. whole integerpercents from 5% to 20%. Finally, he can click on “Submit” to submit hischoice.

As seen from Table 1, another possible feature of the embodiments is tomaintain or afford the maintenance of a complete running record of allbids so that a user can view in realtime and preferably simultaneouslyas much of the picture (e.g. some or all of the bids on as many strings)as he wishes before having to decide whether to join and/or joinconditionally and/or submit a bid. TABLE 1

The system can avoid or reduce the need to use human judgment. Forexample, the bids can be limited to a range of e.g. 5-20% which willensure comfortable/safer/easier working for all users as explainedabove, and to stepped e.g. Integral percentage values (or if preferredregular steps of 0.1, 0.2, 0.25, 0.5%, or even differing or irregularsteps, e.g. steps closer together near the middle of the range, or nearone or both ends of the range) which makes bidding easier anddecision-making less onerous. For another example, the system takes overthe determination of which is the highest bid and can infallibly andreliably avoid mistakes that would occur with a human operator,especially with large numbers of bids, e.g. since one scheme may havestrings with a total of 50,000 bids in a single bidding period. Foranother example, the system can take over the function of creditchecking and approval, and make this purely automatic, usingmachine-controlled determinations instead of human judgments. This cango even further, to extend credit checking to subsequently addedproducts using data to hand without the need to obtain fresh data(unless the approval would be refused). For another example, the systemcan check automatically whether the rules are being obeyed, i.e. whetheroperation by users is in accordance with the rules of operation of thesystem, which otherwise would involve human judgment.

Further, visible reliability is an absolute requirement in order toobtain the confidence of users and potential users, in order to makeoperation of the system viable. The maintenance of a visibly fair andorderly operation would, with human operators, become increasinglydifficult in direct relation to an increasing number of users and bids,with concomitant weakening and posssibly destruction of the system'sreputation.

It will be apparent to one skilled in the art, that features of thedifferent embodiments disclosed herein may be omitted, selected,combined or exchanged and the invention is considered to extend to anynew and inventive combination thus formed. Where a preference orparticularisation is stated, there is implied the possibility of itsnegative, i.e. a case in which that preference or particularisation isabsent.

Additional to the aspects of the invention mentioned above, anotheraspect of the invention provides data-handling means, comprising:

means to note the identification of a subscriber inputting a value(which even includes simply selecting one of a set of values availablein the data-handling means);

means to limit the number of such values input by such a subscriber;

and means to compare different such values (usually put in by differentsuch subscribers) and choose one of them according to a rule, in themanner of an auction.

1-80. (canceled)
 81. A computerized data handling system comprising: a)a facility for bidding; and b) a limit condition means for limiting thenumber of bids that can be made by an identified subscriber.
 82. Thesystem as in claim 81, comprising computerized data handling means forrunning a bidding facility comprising: a) means for running asubscription and bidding facility for at least one set of subscribers tothe facility; and b) means to limit the number of successful bids thatcan be made by an identified subscriber in said at least one set ofsubscribers.
 83. A computerized data handling system adapted to run abidding facility having a data handling means that is adapted to run asubscription and bidding facility for at least one set of subscribers tothe facility comprising: a) means to facilitate a string of successivebidding occasions and to ensure that during each of said successivebidding occasions only one successful bid is allowed; b) means to ensurethat a subscription occasion precedes each bidding occasion; and c)means to specify a number characteristic for a set, to specify this as anumber of successive bidding occasions constituting a chain of suchoccasions within said string, to associate an identified subscriber withsaid chain, and to check that guarantees with respect to each subscriberhave been made for subscribing for that chain, and to ensure that thesubscriber's subscription expires at the end of said chain.
 84. Thesystem as in claim 82, further comprising a secure entry for said atleast one set of subscribers to said site and wherein said means tolimit the number of successful bids includes a facility to ensure thatan identified subscriber who has made winning bids a predeterminednumber of times cannot subsequently make a successful bid.
 85. Thesystem as in claim 84, further comprising means to provide an electronicsite with a facility to check that a subscriber to the site has provideda guarantee of making subscriptions with respect to a predeterminednumber of subscription occasions.
 86. The system as in claim 83, furthercomprising a guarantee checking means adapted to check, before asubscriber is allowed to bid, that said subscriber is creditworthy, andcan guarantee for continuing to subscribe on all subsequent biddingoccasions of a predetermined number after the subscriber has won, and ameans for giving the subscriber a pre-authorization to bid.
 87. Thesystem as in claim 86, further comprising a means to check that awinning subscriber is adequately guaranteed, means to calculate any taxor other pre-arranged deduction, and means to calculate any winnings tobe paid out to him and any part or parts of said winning bid to be paidout to each subscriber.
 88. The system as in claim 81, furthercomprising means to provide said site with a plurality of subdivisionseach adapted to allow bidding for a separate identified fungible object.89. The system as in claim 88, further comprising means to ensure that asubdivision is not first opened for bidding until it has a specifiednumber of subscribers, and then opening said subdivision for only thosesubscribers and then only for a specified number of bidding occasions.90. The system as in claim 89, further comprising means to ensure that asubscriber has completed subscribing for the specified number ofsuccessive bidding occasions regardless of when that subscribersubscribes to that subdivision.
 91. The system as in claim 90, furthercomprising means to ensure that once a subscriber has completedsubscribing for the specified number of bidding occasions, hissubscription expires.
 92. The system as in claim 91, further comprisingmeans for allowing a subscriber to have a maximum of two subscriptionsrunning at the same time for a same fungible object.
 93. The system asin claim 92, further comprising means for holding a financial account toobtain a guaranteed payment from the financial account in respect to thesubscription occasion.
 94. The system as in claim 81, further comprisinga means for establishing and registering a credit limit for asubscription.
 95. The system as in claim 94, further comprising meansfor controlling a preauthorization for a subscriber for a subdivision independence upon a credit limit for the subscriber and credit limits forthat subdivision and for all other subdivisions for which the subscriberis pre-authorized.
 96. A method for conducting electronic commerceinvolving the exchange of investments and borrowing among a plurality ofnetwork registrants, the method comprising: a) accepting from aplurality of network registrants different offers of investments; b)auctioning groups of one or more investment offers among said networkregistrants; c) receiving from at least one of said network registrantsa bid for a borrowing of said group; and d) ensuring that not more thana predetermined number of bids is successful from said at least oneregistrant taken from a plurality of network registrants.
 97. The methodas in claim 96, further comprising the step of ensuring that a bidder isnot allowed to have more than a pretermined number of successful bids.98. The method as in claim 96, further comprising the step ofestablishing and registering a credit limit for a subscription; andcontrolling a pre-authorization for a subscriber for a subdivision independence upon a credit limit for the subscriber and credit limits forthat subdivision and for all other subdivisions for which the subscriberis pre-authorized.
 99. The system as in claim 81, comprising a datahandling means comprising: a) means to note the identification of asubscriber inputting a value; b) means to limit the number of suchvalues input by said subscriber; and c) means to compare differentvalues and to choose one of these values according to a rule in themanner of an auction.